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☆ With S&P back at new highs, now come the price target and earnings revisions
▼ + stars: | 2024-05-16 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Now that the S & P 500 and most major stock market indexes are at or near historic highs, expect a raft of earnings and year-end price target revisions for the S & P 500 to be coming. First up with an upward revision was Brian Belski at BMO Capital, who Wednesday raised his year-end S & P target to 5,600 from 5,100. The median price target (half above, half below) is 5,200. Earnings for the rest of the year have been remarkably stable, but the key point is that each quarter is higher and a record for S & P 500 profits: 2024 S & P 500 quarterly earnings estimates Q2: $59.46 (record) Q3: $63.49 (record) Q4: $65.08 (record) Source: LSEG Valuations (roughly 20 times forward S & P 500 earnings) are pricey but not unreasonable given the continuing strength of the economy and the prospects of AI-boosted returns. May: market advance broadens (advance/decline line) S & P 500: near new high S & P Mid Cap: new high S & P Small Cap: highest since Dec.

Persons: Sam Stovall, CFRA, Brian Belski, Belski, Subramanian, Venu Krishna, Goldman Sachs, David Kostin, Ned Davis, Ed Clissold, Oppenheimer, John Stoltzfus, Lori Calvasina, Manish, Nicolaus, Barry Banniester, Jonathan Golub, Chris Harvey, Dubravko, Bujas, Cantor Fitzgerald, Eric Johnson, Scott Chronert, Julian Emanuel, Fundstrat, Tom Lee, Morgan Stanley, Mike Wilson, Hugo Ste, Stovall Organizations: BMO Capital, Wall, of America, Barclays, BMO, RBC, Societe Generale, UBS, Bloomberg, Citigroup, Deutsche Bank, ISI, JPMorgan, Scotiabank, @VX Locations: Wells Fargo, Marie

☆ There's a new biggest bull on Wall Street, and he sees the S&P 500 rising to 5,500
▼ + stars: | 2024-03-25 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Oppenheimer's John Stoltzfus has reclaimed his place as the most optimistic when it comes to year-end S & P 500 targets. Stoltzfus, the firm's chief investment strategist, hiked his forecast for the S & P 500 to 5,500 from 5,200. He had the highest target price heading into the year at 5,200, but was outdone as some beat him to increasing their forecasts. Stoltzfus also increased his earnings projection for the S & P 500 in 2024 by $10 to $250, making him tied for another Street high. The benchmark S & P 500 has climbed nearly 10% so far in the new year.

Persons: Oppenheimer's John Stoltzfus, Stoltzfus, JPMorgan's Dubravko Organizations: CNBC Pro, Social Security, CNBC

☆ Are companies beyond Nvidia actually profiting from AI yet? Microsoft earnings to be litmus test
▼ + stars: | 2024-01-23 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

Microsoft earnings due out later this month could serve as the next major test for artificial intelligence as investors hunt for signs that the buzzy technological innovation is actually boosting companies' bottom lines. Nvidia has been an exception, blowing past Wall Street's guidance for the past few quarters due to AI tailwinds . The remarks led some Wall Street analysts to fret over a delayed ramp-up in AI availability. "There are going to be some outliers, but for the most part there is more risk-reward related to AI going into this earnings period." More loosely, Wall Street analysts have expressed concerns about AI monetization and expectations across the sector heading into the fourth-quarter reporting period.

Persons: Paul Meeks, Merrill Lynch, Piper Sandler, OpenAI, Amy Hood, Copilot, Micrsoft, Meeks, Amy Kong, Nancy Tengler, Gene Munster, Corient's Kong, Wolfe, Alex Zukin, Dubravko, Michael Bloom Organizations: Microsoft, Merrill, Merrill Lynch Investment, Nvidia, Wall, Baker School of Business, The, Investments, Asset Management, Munster, Wall Street, Tech Locations: OpenAI, hasn't

☆ JPMorgan is still doubting the bull with lowest S&P 500 target
▼ + stars: | 2024-01-19 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Even as the S & P 500 nears a new high, JPMorgan's Dubravko Lakos-Bujas remains relatively pessimistic on how 2024 will pan out. In a Friday client report, he called the early results and forward guidance from S & P 500 companies "lackluster." Just about one out of every 10 S & P 500 companies has reported results, according to FactSet. His concerns come as the S & P 500 is poised to hit an all-time high closing level on Friday. The average analyst has a 4,914 target for the S & P 500 at the end of 2024, according to CNBC Pro's Market Strategist Survey.

Persons: JPMorgan hasn't, Dubravko, Bujas Organizations: JPMorgan, Federal, Traders, Fed, CNBC Pro's, Survey

(PRO subscribers can view the official 2024 strategist survey here . ) "Lifting our 12-month S & P 500 target to 5100 as inflation falls, the Fed turns dovish, and real yields plunge," Kostin wrote. Other Wall Street firms with similarly bullish forecasts include Citigroup and BMO Capital Markets, which each have S & P 500 price targets of 5,100. Barclays' Venu Krishna was even more bearish, anticipating the S & P 500 would fall to 3,725. Entering the penultimate trading week of the year, the S & P 500 is almost 23% higher in 2023, while the Nasdaq Composite has advanced almost 42%.

Persons: —, Stocks, Sam Stovall, Monday, Stovall, Goldman Sachs, David Kostin, Kostin, John Stoltzfus, Stoltzfus, America's Savita Subramanian, JPMorgan's, Bujas, Morgan Stanley, BofA's Subramanian —, Venu Krishna, Oppenheimer's John Stoltzfus, Dow Industrials Organizations: CNBC, Federal Reserve, Dow Jones, CFRA Research, Goldman, Oppenheimer Asset Management, Citigroup, BMO Capital Markets, Bank, America's, Nvidia, Microsoft, Barclays, Nasdaq Locations: Friday's

☆ Companies laying off employees is a risk facing 2024, says JPMorgan's Dubravko Lakos
▼ + stars: | 2023-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCompanies laying off employees is a risk facing 2024, says JPMorgan's Dubravko LakosDubravko Lakos, chief global equity strategist at JPMorgan, joins 'Halftime Report' to discuss higher for longer interest rates, the outlook for the market, and more.

Persons: JPMorgan's, Lakos Organizations: Companies, JPMorgan

☆ Wall Street's top strategists say this year's stock market rally is probably over
▼ + stars: | 2023-08-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

JPMorgan's Dubravko Lakos and Morgan Stanley's Mike Wilson both see the end of the market rally. Higher-for-longer Fed interest rates and a potential hard landing for the economy risk dragging equities. And Morgan Stanley's Mike Wilson said the latest evidence of a softening market was Nvidia's blowout earnings beat this week and the failed market rally that followed. "I can't think of any better news then what we got from [Nvidia] on Wednesday...and we had a failed rally. "They look for the market to tell them whether it's going to be a hard landing or not.

Persons: JPMorgan's Dubravko Lakos, Morgan Stanley's Mike Wilson, Dubravko, Jerome Powell, Wilson, he's Organizations: Service, CNBC, Fed, Bloomberg, Nvidia Locations: Wall, Silicon, Jackson Hole , Wyoming

☆ The 2023 stock market rally is over as the Fed isn't easing anytime soon and a hard landing of the economy is inevitable, JPMorgan's chief stock strategist says
▼ + stars: | 2023-08-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The rally in the S&P 500 is capped through the rest of the year, JPMorgan's Dubravko Lakos said. That's because there are a litany of negative factors heading into 2024 that will weigh on equities. The strength of the US economy has only postponed a coming recession, not averted one, he added. Stocks could tumble 15% even in the event of a mild downturn, JPMorgan's Marko Kolanovic predicted in a recent note. AdvertisementAdvertisementInvestors are now pricing in a 42% chance the Fed will raise rates another 25 basis-points in November.

Persons: JPMorgan's Dubravko Lakos, Dubravko Lakos, Lakos, JPMorgan's Marko Kolanovic Organizations: Service, CNBC, Investors, Bank of America, New, Fed Locations: Wall, Silicon

☆ Watch CNBC's full interview with JPMorgan's Dubravko Lakos
▼ + stars: | 2023-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with JPMorgan's Dubravko LakosDubravko Lakos-Bujas, chief global equity strategist at JPMorgan, joins 'Halftime Report' to discuss the outlook for the rest of the year, the economy's strength, and how the market will react to Powell's comments from Jackson Hole.

Persons: JPMorgan's, Jackson Organizations: JPMorgan

☆ Fed won't be easing any time soon, says JPMorgan's Dubravko Lakos
▼ + stars: | 2023-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed won't be easing any time soon, says JPMorgan's Dubravko LakosDubravko Lakos-Bujas, chief global equity strategist at JPMorgan, joins 'Halftime Report' to discuss the outlook for the rest of the year, the economy's strength, and how the market will react to Powell's comments from Jackson Hole.

Persons: JPMorgan's, Jackson Organizations: JPMorgan

☆ Expect rotation into defensive stocks to continue, says JPMorgan's Dubravko Lakos
▼ + stars: | 2023-05-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect rotation into defensive stocks to continue, says JPMorgan's Dubravko LakosDubravko Lakos, JPMorgan global head of equity macro research, joins 'Closing Bell' to discuss the risk of recession and his post-risk playbook.

☆ A notorious market bear who called the 2000 and 2008 crashes says a 60% decline in the S&P 500 is likely as high valuations and weak investor sentiment create a 'trap door' scenario
▼ + stars: | 2023-04-29 | by ( William Edwards | ) www.businessinsider.com time to read: +7 min

The chart below shows how far the S&P 500 would have to fall to provide either a 10% return or 2% premium over Treasury bonds. He sees the S&P 500 finishing 2023 at around 3,150, he told YouTube channel Wealthion. Predicted in 2000 that the S&P 500 would likely see negative total returns over the following decade, which it did. Predicted in April 2007 that the S&P 500 could lose 40%, then it lost 55% in the subsequent collapse from 2007 to 2009. The S&P 500, by comparison, is up 0.8% over the past year.

☆ 'The risk of recession is far from priced in': JPMorgan warns stocks are set up for a 'bearish outcome' as investors crowd into the top names in the market at rates last seen in the 2000 and 2008 bubb
▼ + stars: | 2023-04-26 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Investors are crowding into the biggest stocks in the S&P 500 at levels seen in prior bubbles. On a surface level, the S&P 500 looks like it's having a stellar start to 2023. The chart below shows crowding levels in low-volatility stocks, which investors seek in recessionary environments. If the US economy continues to avoid a recession, stocks could be well positioned to continue their gains this year. But many strategists believe a downturn — or at least a pullback in earnings — will drag the S&P 500 down to its October 2022 lows, or worse.

☆ Lean toward high quality balance sheets that can withstand elevated capital costs, says JPM's Lakos
▼ + stars: | 2023-03-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLean toward high quality balance sheets that can withstand elevated capital costs, says JPM's LakosJPMorgan's Dubravko Lakos joins 'Closing Bell' to discuss elevated rates and cost of capital, margin pressure from interest expense burden and constructing a defensive portfolio.

☆ Watch CNBC's full interview with JPMorgan's Dubravko Lakos-Bujas
▼ + stars: | 2023-01-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with JPMorgan's Dubravko Lakos-BujasDubravko Lakos-Bujas, chief U.S. equity strategist and global head of quantitative research at JPMorgan, joins 'Squawk Box' to discuss his year-end price target for the S&P, why margins will be under pressure this year, and more.

☆ JPMorgan's Dubravko Lakos on what to expect in the market this year
▼ + stars: | 2023-01-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan's Dubravko Lakos on what to expect in the market this yearDubravko Lakos-Bujas, chief U.S. equity strategist and global head of quantitative research at JPMorgan, joins 'Squawk Box' to discuss his year-end price target for the S&P, why margins will be under pressure this year, and more.

☆ Expect flat growth next year, says JPMorgan's Dubravko Lakos
▼ + stars: | 2022-11-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect flat growth next year, says JPMorgan's Dubravko LakosCNBC’s ‘Halftime Report’ investment committee, Bryn Talkington, Shannon Saccocia, Jason Snipe, Steve Weiss and JPMorgan's Dubravko Lakos discuss the Fed and market outlook after today's jobs report.

☆ Watch CNBC’s full jobs report market discussion with the ‘Halftime Report’ investment committee & JPMorgan's Dubravko Lakos
▼ + stars: | 2022-11-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full jobs report market discussion with the ‘Halftime Report’ investment committee & JPMorgan's Dubravko LakosCNBC’s ‘Halftime Report’ investment committee, Bryn Talkington, Shannon Saccocia, Jason Snipe, Steve Weiss and JPM's Dubravko Lakos, discuss the Fed and their market outlook post jobs report.

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